Investors
Two illustrative development cases on a 10 MW base
The figures below are based on Phase 1 at 10 MW and an all-in power price of US$0.03/kWh, in Canadian dollars with approximate USD. They are illustrative project estimates, not guarantees.
Economics & Projections
Option A — Bitcoin Mining vs. Option B — AI Colocation
Both options benefit from Alberta's 23% combined corporate income tax, off-grid exemption from the data-center levy, and accelerated-depreciation tax deferral.
- Basis
- Phase 1 · 10 MW
- Off-grid self-supply, County of Newell
- All-in power
- US$0.03/kWh
- Estimate; varies with gas price
- Option A payback
- ≈ 7.3 yrs
- Self-mining Bitcoin, 42% EBITDA margin
- Option B payback
- ≈ 2.1 yrs
- AI colocation, 74% EBITDA margin
Option A · Self-mining BTC
Option A — Bitcoin Mining
- Total CAPEX
- C$26.9 M≈ US$19.6 M
- Annual revenue
- C$8.8 M
- Annual EBITDA
- C$3.7 M
- EBITDA margin
- 42%
- All-in power price
- US$0.03/kWh
- Simple payback
- ≈ 7.3 yrs
Revenue swings significantly with coin price and network difficulty. As of July 2026 hashprice is at a historic low, so a low power price is key to riding through the cycle.
Option B · AI/HPC colocation
Option B — AI Colocation
- Total CAPEX
- C$30.2 M≈ US$22.0 M
- Annual revenue
- C$20.0 M
- Annual EBITDA
- C$14.8 M
- EBITDA margin
- 74%
- All-in power price
- US$0.03/kWh
- Simple payback
- ≈ 2.1 yrs
Markedly better margins and payback, but first requires a signed client offtake and a secured GPU source.
Unit Economics
Where the returns come from
Compute and colocation revenue is approximately installed capacity × utilization × unit yield, with coin price or AI unit price setting unit yield.
Revenue drivers
Capacity × utilization × unit yield
Off-grid low power price creates the cost moat.
Cost structure
Gas · O&M · depreciation
Natural gas is the main variable cost, alongside labor, site rent and network bandwidth.
Investment framework
Capex + Opex → payback / IRR
Capex: gensets, hall and civil works. Opex: gas and O&M. Refinable via sensitivity analysis.
Tax & policy inputs
- Corporate income tax: Alberta combined 23% (federal 15% + provincial 8%), the lowest in Canada; a provincial AT1 return is filed in addition to the federal T2.
- Data-center levy: grid-connected ≥75 MW is levied 2%; this project is off-grid self-supplied and 10 MW < 75 MW, so the levy is 0.
- Accelerated depreciation (CCA): power equipment Class 43 at 30% and computing / mining equipment Class 50 at 55% declining balance create early tax-loss carryforwards, deferring cash taxes.
- Sales tax: Alberta has no provincial sales tax — only 5% GST, fully creditable as input tax.
- Property tax: levied by the municipality as “designated industrial property” (land and buildings only, excluding computing equipment).
Investment Structure & Financing
Ways to partner
Open structures as set out in the project overview. We provide the site, approvals, integrated low-cost power, a live commissioned Phase 1 asset and a local engineering and O&M team.
Equity investment / project company
EPC turnkey construction
Compute colocation / rack leasing
Power-asset cooperation
Energy-asset tokenization (RWA)
What we provide
- Site, approvals and integrated power.
- Low-cost gas self-generation.
- Local engineering and O&M team.
- A live, commissioned Phase 1 asset.
What we seek
- Project capital / strategic investment.
- Compute orders and colocation clients.
- AI compute and technology partners.
- Gas supply and equipment resources.
Risks & Compliance
Key risk factors to evaluate
A summary of the risk areas identified in the project overview. This is not an exhaustive risk disclosure.
Market · coin price & difficulty volatility
Option A revenue is elastic to coin price and network difficulty. The hedge is a low power price plus efficient machines, or adding Option B to lock in cash flow. As of July 2026 hashprice is at a historic low.
Compute-market & offtake
Option B requires a signed client and a secured GPU source before it can be realised. Compute pricing and demand for AI capacity may change.
Regulatory · export controls
Procuring US-origin advanced GPUs (for example H200 / B300) adds US export controls (EAR) requiring separate compliance.
Permitting & emissions
Gas generation emits carbon; an emissions advisor must assess TIER / federal-backstop applicability (~40,000 t CO₂e/yr, below the 100,000 t mandatory threshold).
Construction & performance
Capacity and parameters are planned or under-testing figures; final values are per actual delivery. Delivery cadence, civil works and commissioning schedules may vary.
Commodity · gas price
Natural gas is the main variable cost. Returns should be refined by sensitivity to gas price, coin price and utilization.
Financing & cross-border tax
Financing depends on a structured project-company and convertible-note stack. Dividends to an offshore parent incur withholding tax, reducible under tax treaties (US–Canada / China–Canada); holding and financing structures should be designed by a cross-border tax advisor.
Begin a due-diligence conversation
Project examples and the underlying model are available at due diligence.